AXA Financial sells closed portfolio to Protective
April 12, 2013 by Michael K. Stanley
April 11, 2013 •
AXA Financial (AXA), a member of the global AXA Group, has entered into an agreement to sell a closed book of policies from its MONY Life Insurance Company to Protective Life Corporation (Protective) for $1.06 billion.
Under the terms of the deal, expected to close on Oct. 1, 2013, Protective will reinsure an in-force book of life insurance policies written by MONY’s subsidiary, MONY Life insurance of America (MLOA).
The sale of the closed book of business, underwritten for the most part before 2004, is comprised of 560,000 whole life, term life, variable universal life and universal life policies. Click here to read more…